Apollo Posts 4Q ENI of $696.9 million

Apollo Global Management is the latest alternative asset manager to report fourth-quarter earnings this season. The New York firm posted on Friday earnings of $696.9 million in economic net income, nearly doubling the $356.6 million ENI that the Apollo reported for the same period last year.

The increase was driven by improved performance in Apollo’s management and incentive businesses, which consists of management, transaction and advisory fees, and carried interest income, respectively.

Under the Generally Accepted Accounting Principles, net income was $171.5 for the quarter, or $1.12 a share, up from $10.9 million, or 5 cents a share, from a year earlier.

Assets under management stood at $113.4 billion as of Dec. 31, an increase of 51% over the same 2011 level, thanks to both organic growth of the portfolio as well as acquisitions the firm made over the year, particularly in Apollo’s credit business.

The firm will hold a conference call with analysts at 10 a.m. ET. Expect more updates to be posted at PE Beat.